01—Abstract
Summary
Summary of the 8-K filed June 15, 2005. Cited figures are marked; the original filing is the authoritative source.
The Procter & Gamble Company (PG) filed an 8-K report on June 15, 2005, to announce significant changes in its principal accounting officer roles.
John K. Jensen is retiring as Comptroller (Principal Accounting Officer), with his tenure as Comptroller concluding on August 1, 2005. He will then transition to a Vice President role on special assignment until his final retirement on October 1, 2005.
Concurrently, the company has appointed Valarie L. Sheppard as the new Vice President and Comptroller (Principal Accounting Officer), effective August 1, 2005.
Ms. Sheppard, who has been with the company since 1986, has held various finance and accounting leadership positions, including recent roles in Global Household Care and Fabric and Home Care. This transition signals a change in leadership for a key financial function within P&G.
02—Key points
Key Highlights
- Retirement of John K. Jensen, Comptroller (Principal Accounting Officer), effective August 1, 2005.
- John K. Jensen will serve in a Vice President role on special assignment until his retirement on October 1, 2005.
- Appointment of Valarie L. Sheppard as Vice President and Comptroller (Principal Accounting Officer), effective August 1, 2005.
- Valarie L. Sheppard has been with Procter & Gamble since 1986, bringing extensive experience.
- Ms. Sheppard's prior roles include Manager of Finance and Accounting for Global Household Care and Fabric and Home Care.
- The company is ensuring a smooth transition for its principal accounting officer role.
03—Questions
Frequently Asked Questions
What is the main reason for this 8-K filing?
This 8-K filing is primarily to announce the retirement of the current Comptroller (Principal Accounting Officer), John K. Jensen, and the appointment of his successor, Valarie L. Sheppard.
When do these changes take effect?
John K. Jensen will cease serving as Comptroller on August 1, 2005, and his final retirement is October 1, 2005. Valarie L. Sheppard's appointment as Vice President and Comptroller is effective August 1, 2005.
What is the background of the new Comptroller, Valarie L. Sheppard?
Valarie L. Sheppard, 41, joined Procter & Gamble in 1986. She has held several finance and accounting leadership roles, including Manager of Finance and Accounting for Global Household Care and Global Fabric and Home Care, and Finance Director for the Northeast Asia Market Development Organization.
Does the retirement of Mr. Jensen indicate any financial irregularities?
There is no indication in this filing that Mr. Jensen's retirement is due to any financial irregularities. The report frames it as a planned retirement with a transition to a new officer.
04—Continue